What’s the Value of My Rancho Santa Fe Home?
Rancho Santa Fe Home Sales for November 2019
It’s important for buyers and sellers in the Rancho Santa Fe real estate market to have up to date information about current local market conditions to be able to make informed decisions about Rancho Santa Fe homes for sale, whether buying, selling, or investing.
The Rancho Santa Fe housing market is the most expensive community, on average, in San Diego County, with large estates, gated communities, and luxury and equestrian properties on expansive lots often measured in acres. Rancho Santa Fe currently has 9 properties listed at over $10,000,000, with 1 at $39,000,000!
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Here is a summary of the Rancho Santa Fe housing market for November 2019 based on information from the MLS (private sales are not included). These data are deemed reliable at the time this report was written but are not guaranteed.
- Sales of detached homes for November rose significantly from last month, from 17 to 29, a contrast to other communities which saw a drop in sales. There was 1 attached (condos, town homes) home sale in November (the MLS shows 2 but it’s the same property listed twice), the same as last month. 35% of the transactions were cash, compared to 56% in October.
- The average sales price of the detached homes was $2,990,103, up 3% from the average sales price last month – 3 homes sold for over $5M. The attached home sold at $996,500. The median sales price for detached homes was $2,400,000 (down 6%).
- Average marketing time for the detached homes was 102 days the same as last month. The attached home took 62 days to sell.
- The detached homes sold, on average, for 88% of the original asking price – all homes sold for less than original asking price.
- As of the end of November there were 3 homes in the Rancho Santa Fe real estate market with a Contingent status (i.e., typically these are short sale and REO homes that have offers being reviewed by the lenders) versus none last month. These are all first right of refusals.
As of the end of November 2019 there were 223 Rancho Santa Fe homes for sale (94% of these are detached single family homes), down 7% from October and the 3rd decline. This represents an inventory of 9.8 months for attached homes (up from 6 months last month) and 8.6 months for detached homes at the current rate of sales (based on a 6-month period), down from 11.4 months last month.
The high end market continues to shift in Rancho Santa Fe, and is a market that favors buyers for detached single family homes, luxury properties and estates as it has for some time. The housing market has shifted to a buyers market for attached properties.
The number of Rancho Santa Fe homes coming on the market in November dropped, from 48 to 30. The number of homes going pending in November, 18 (excluding those that closed escrow), was also a decrease from last month!
If you would like more details about the Rancho Santa Fe real estate market with regard to current activity as well as the specific areas, such as Fairbanks Ranch and the Covenant, please call me at (760) 840-1360.
I am happy to discuss your housing needs and budget, and help you develop a strategy to buy your new Rancho Santa Fe home in 2019.
If you are considering selling your Rancho Santa Fe home we should discuss your plans and timing, a free market and equity analysis, and create a strategy to get your home sold in the time frame that works for you!